Oz Pura Vida Enters Polish Tight Oil, Gas Plays
Australia’s Pura Vida Energy closed a deal with UK-based Gemini Resources to acquire stakes in two unconventional oil and gas plays in Poland’s Permian basin, it said on September 24.
The Sydney-listed firm said in a statement it had earned a 35% position in the Gora and Nowa Sol projects by pledging to spend A$6.15mn ($4.2mn) on work programmes. It will work with Gemini to prove the commercial value of two potentially large unconventional resource plays within the concessions.
The Siciny-2 well at Gora, scheduled for completion in November or December, is targeting 1.6 trillion ft3 of tight gas within Carboniferous structures, Pura Vida said. Another well Jany-C1 will seek to prove 36mn barrels of 2C contingent tight oil within a Zechstein Dolomite formation at Nowa Sol and should be finished in next year’s second quarter.
Pura Vida agreed to enter the two projects in July. At Gora, it has committed to help fund the re-entry of Sinciny-2 and the undertaking of a two-stage hydraulic proppant frack, followed by well tests to assess permeability and production potential. It will support similar work at Nowa Sol’s Jany-C1 well. The company also has the option to drill at several conventional prospects within the Rotliegendes reservoir, which holds 210bn ft3 in P50 gas resources.
This marks Pura Vida’s first foray into Poland. The explorer’s other operations are off the coasts of Gabon and Madagascar in Africa. Gemini now holds 65% interests in Gora and Nowa Sol, its only assets.